Platform, system, and associated method for the exchange of digital currencies between members in a mobile environment

ABSTRACT

A system and associated method and service for providing a platform that enables members to transfer, receive, or otherwise exchange cash in various international denominations and commodities, such as precious metals (e.g., gold, silver, etc.), in a mobile highly secured telecommunications environment. The system is capable of delivering cash instantly between two or more users by allowing the exchange of secure transactions between system and cash dispensing machines (ATMs). Users may pay, receive, exchange, deposit, transfer, pay bills, exchange currency, retrieve cash, deposit cash and create accounts based on the mobile phone number or a system generated code.

PRIORITY AND RELATED APPLICATIONS

The present application is a continuation of U.S. patent applicationSer. No. 13/185,432, which was filed on Jul. 18, 2011, now abandoned,and co-pending U.S. patent application Ser. No. 14/034,205, which wasfiled on Sep. 23, 2013, both of which are incorporated herein by thisreference.

FIELD OF THE INVENTION

The present invention relates in general to the field of financialtransactions. More particularly, this invention relates to a system andassociated method and service for providing a platform that enablesmembers to transfer, receive, or otherwise exchange cash and digitalcurrency in various international denominations and hard or softcommodities in a mobile telecommunications environment.

BACKGROUND OF THE INVENTION

Mobile communications have been rapidly expanding and is increasinglybecoming a staple commodity in conducting financial transactions. Asused herein, mobile communications devices include such electronicdevices as the personal digital assistants (PDAs), cellular, mobile, andsatellite telephones (collectively referred to as cell phones), portablecomputers also referred to as tablets, and other similar devices thatare known or will be become available, and that allow remote access tofinancial and other accounts, without necessarily tying down the usersto their desktop computers or to a specific locale.

These mobile communication devices are progressively transforming oursocieties, worldwide, into mobile societies. In these mobile societies,consumers tend to carry, on their persons, a variety of personaleffects, such as wallets, purses, checkbooks, keys, and mobilecommunications devices. These personal effects tend to clutter theconsumers and hamper their mobility.

As a result, there have been concerted efforts and proposed solutions tominimize alleviate the consumers from redundant clutters so as tofacilitate their mobility. Two such exemplary conventional solutions aregenerally described in U.S. patent application Nos. 20090068982 and20080010191.

U.S. patent application No. 20090068982, to Chen et al., generallydescribes a system or a method that aim at facilitating the securing ofa wireless digital transaction. A terminal component receives paymentdata for goods or services. A mobile device includes a mobile paymentcard (m-card) that is created by establishing a link to an accountassociated with a form of currency. The mobile device employs public-keycryptography (PKC) to securely and wirelessly transmit the payment tothe terminal component utilizing the m-card and linked account.

U.S. patent application No. 20080010191 to Rackley III et al., generallydescribes methods and systems for providing a financial payment to apayee (or recipient) utilizing a mobile device or a wireless connectedpersonal digital assistant (PDA). The user inputs information into themobile device identifying a payee, a payment source for the payment, anda payment method. The mobile device generates a mobile paymentinstruction comprising information corresponding to the identifiedpayee, the payment source, and the payment method, and wirelesslycommunicates the mobile payment instruction to a mobile financialtransaction system (MFTS). The MFTS generates an MFTS paymentinstruction to a payment instruction recipient. The MFTS paymentinstruction includes information identifying the payment source, anamount, information corresponding to the identified payee, andinformation indicating the payment method. The MFTS communicates theMFTS payment instruction to a payment instruction recipient. In responseto receipt of the MFTS payment instruction, the payment instructionrecipient effects a payment to the identified payee without any requiredaction by the payee.

While the solutions that are proposed in the foregoing two patentapplications address electronic payments, they do not dispense with theuse of cash. Although these solutions profess to describe cashlesstransactions, they still require the consumers to carry cash in order tocomplete a cash transaction.

Cash has developed along with the human evolutions. The oldest coins areassumed to be the Aegina Chelone coins that were minted circa 700-550BC, either by the local Aegina people or by Pheidon king of Argos (whofirst set the standards of weights and measures). The BibliothèqueNationale in Paris contains a unique electrum stater of Aegina. Thiscoin is dated to 700 BC.

The Ancient Levantines on the Eastern Mediterranean spread the practiceto Greek Anatolia and extended it to commerce and trade. Coinagefollowed Greek colonization and influence first around the Mediterraneanand shortly thereafter to North Africa and the Balkans.

Money in the form of ingots, rings, coils, and other pieces ofprecious-metal bullion, such as silver, emerged as civilization with theemergence of the Mesopotamian and Egyptian civilizations, although thesesemi-coins had no mark of authority. Some adhered to a weight standardand had a fixed exchange value, while other did not.

Precious and semi-precious metals were made into coins and used tonegotiate and settle trades. On the other hand, banknotes offer analternative bearer form of money. The advantages and disadvantages ofthese two forms of bearer money vary with the circumstances of use.

Paper money, cash, or banknote was first developed in China during theTang and Song dynasties, starting in the 7th century. Its roots were inmerchant receipts of deposit during the Tang Dynasty (618-907 AD), asmerchants and wholesalers desired to avoid the heavy bulk of coppercoinage in large commercial transactions. During the Yuan Dynasty,banknotes were adopted by the Mongol Empire. In Europe, the concept ofbanknotes was first introduced during the 14th century.

Currently, various unseen costs are associated with the use of bearermoney, as follows:

1. Manufacturing or issue costs. Coins are produced by industrialmanufacturing methods that process the precious or semi-precious metals,and require additions of alloy for hardness and wear resistance. Bycontrast, bank notes are printed paper (or polymer), and typically havea lower cost of issue, especially in larger denominations, compared tocoin of the same value.

2. Wear costs. Banknotes do not lose economic value by wear, since, evenif they are in poor condition, they are still a legally valid claim onthe issuing bank. However, banks of issue have to pay the cost ofreplacing banknotes in poor condition, as paper notes wear out muchfaster than coins.

3. Cost of transport. Coins can be expensive to transport for high valuetransactions, but banknotes can be issued in large denominations thatare lighter than the equivalent value in coins.

4. Cost of acceptance. Coins can be checked for authenticity by weighingand other forms of examination and testing. These costs can besignificant, but good quality coin design and manufacturing can helpreduce these costs. Banknotes also have an acceptance cost, the costs ofchecking the banknote's security features and confirming acceptabilityof the issuing bank.

5. Security. Counterfeiting paper notes seems to be relatively easierthan forging coins, especially because of the proliferation of colorphotocopiers and computer image scanners. Numerous banks and nationshave incorporated many types of countermeasures in order to insure thesecurity of their paper notes.

However, while the digitization of credit and debit transactions isincreasingly expanding by means of computerization and networking, cashremains one of the last hurdles toward full conversion to a trueelectronic wallet that replaces the actual wallet. As of the presenttime, there is no alternative to retaining at least some cash or coinsin one's wallet, particularly in certain societies that prefer cash overcredit or check transactions.

In addition, while most, if not all the current ATM machines acceptcheck and cash transactions, including the dispensation of cash, to thecorresponding bank customers, they do not necessarily accept cash orcheck transactions from non-customers and particularly from individualswho are non-bank account holders. These individuals might thus be leftwith less than optimal or convenient options, including the option tocash the checks at designated institutions.

Wherefore, there still remains an unsatisfied need for a new system,method, and associated service (“system”) that enable the consumers totransfer, receive, or otherwise exchange cash amongst themselves and themerchants. This system is further usable to facilitate transactionsusing various international denominations and commodities, such asprecious metals (e.g., gold, silver, etc.), in a mobiletelecommunications environment. This system should be capable of savingrebate or discount coupons and receipts, while keeping track of pointsthat accumulate for future use or redemption. The system should alsoenable the use of ATM's for accepting check and cash transactions fromcustomers, non-customers, and non-bank account holders.

SUMMARY OF THE INVENTION

The present invention satisfies this need, and presents a system,method, network, and associated service (collectively referred to hereinas “the invention”, “the present invention”, “the present system”,“PayGeo service”, “PayGeo”, or a similar designation), for executingfinancial transactions. More particularly, this invention provides aplatform that enables members to transfer, receive, or otherwiseexchange cash in various international denominations and (hard or softcommodities) commodities.

Hard commodities include basic resources and agricultural products suchas iron ore, crude oil, coal, salt, sugar, coffee beans, soybeans,aluminum, copper, rice, wheat, gold, silver, palladium, platinum, etc.Soft commodities include for example, goods that are grown. Anotherimportant commodity that may be traded by the present system is in theclass of energy, which includes electricity, gas, coal, oil, etc.

The present system provides a platform that enables members to transfer,receive, or otherwise exchange cash and digital currency in variousinternational denominations and commodities, such as precious metals(e.g., gold, silver, etc.), in a mobile telecommunications environment.

Furthermore, the present system generates confidence in a new digitalcurrency “Good Money” that is backed by commodities, such as a preciousmetal “Gold” standard as opposed to F.I.A.T (government set unsecuredvalue). This Good Money can be used for commerce and every day tradesand purchases.

The present system further enables individuals to retrieve (withdraw) ordeposit cash in an ATM (cash dispensing machine) environment usingvarious code generation methods or SMS. The codes appear on the mobilescreen and allow recognition of the sender and receiver parties, andadjust account balances accordingly.

The present system further allows the creation of a mobile account byallowing cash deposits to become part of the digital payment platformsystem with all its features.

In addition, the present system is capable of saving rebate or discountcoupons and receipts, while keeping track of points that accumulate forfuture use or redemption.

The user can store contacts or create new ones from PayGeo members orfrom a phone book. When a payment is sent to a non-PayGeo member, a“prompt” will alert the recipient of the fund of the impending transfer.A new user can then download and create an account and receive thetransferred fund to his/her PayGeo account.

If a user elects to receive an actual paper check mailed to the user'saddress, or if the user requests a transfer to a different bankinginstitution, PayGeo can comply with the user's request and changingconditions and environments.

The PayGeo service provides a “Good Deal” application, which is apayment platform that is designed to work in a mobile digital walletenvironment, on mobile devices, such as smart phones, smart pads. Itsmain purpose is to facilitate monetary transactions made betweenindividuals or companies. Users may pay each other using NFC (Near FieldCommunication) type frequency by simply swiping a finger pointed at theother instrument (Swipay or Swipmail function).

The Swipay or Swipmail function may be used by users in close proximityto each other or who are remotely distanced, to pay and/or receive moneywith instruments.

This platform allows hosting for receiving/paying bills from and tovendors or individuals. It allows individuals to pay or borrow with orwithout interest amongst themselves or other users.

PayGeo's mobile digital wallet technology (software or application)provides coupons, discount codes, special offerings, based on: location,product type, product name, vendor name, interest or hobby, from datauploaded by vendors or individual advertisers on the PayGeo service.

The PayGeo service uses an integrated ultra secure technology thatenables cash-less transactions and eliminates the need to carry creditcards, cash, thus replacing all the contents of a physical wallet, andcompletely supplanting the physical wallet with a digital wallet.

The PayGeo service includes a “Good Money” function that may be turned‘ON’ and which would be equivalent to the user's choice of currency orcountry's denomination. Good Money may then be used in commerce with thebacking of Gold or precious metal (or commodities) standards.

PayGeo service allows user to upload his or her smart phones to host andstore all information that is normally stored in a wallet or purse bymeans of, for example scanning, swiping, manual entry, and voicerecognition, of various items such as: credit cards, identificationcards, mileage-accumulating cards, points accumulating cards, insurancecards, membership cards, etc.

PayGeo service allows the transactions to be coded in 2D or 3Dbar/matrix/QR/maxi codes, SMS etc., so that the resulting codes may beread by, for example: smart phones, scanner, cashier scanners,instruments with compatible software, etc.

PayGeo service provides a private label platform to the bankingcommunity, and facilitates private entities that wish to use the systemby creating an escrow-like platform for transactions. The transactionsmay be fulfilled in a wireless ‘wire transfer’ or ACH (Automatedclearing house) in the U.S or similar environments. Transactions arefulfilled if certain conditions are met and agreed upon by the sendingand/or receiving parties, institutions.

PayGeo services also provide a platform to host and work with existingcredit cards companies and/or banking institutions, users and vendorsneeds such as:

-   -   Access immediate cash from ATM.    -   Deposit cash to an ATM to create an account.    -   Withdraw cash from ATM with secure code recognition features.    -   Generate secured SMS or encrypted codes readable by mobile phone        scanners, ATMs, and various types of vendor's cashier scanners.    -   Recognizing account holders based on phone numbers.    -   Recognizing like software users in proximate vicinity.    -   Offer incentives to use with similarly positioned (or grouped)        users.    -   Turn Good money function ON.    -   Use Good money in all commerce.    -   Locate Good Deals.    -   Redeem coupons.    -   Transfer coupons.    -   Calculate the balance of various financial accounts.    -   Find the total spent per payment method.    -   Search amount spent within a predetermined period of time or        date.    -   Preparation of Financial statements.    -   Preparation of tax returns or statements for different        countries.    -   Swipmail or Swipay transfers data, funds, or an instrument) from        one user device (e.g., a smart phone) to another.    -   Set allowance for individual users.    -   Pay from a specific credit card.    -   Pay to/from PayGeo account.    -   Charge a transaction.    -   Transfer to another credit card.    -   Transfer money to another account.    -   Transfer funds from one financial account to another.    -   Pay from a previously identified bank account.    -   Withdraw from a credit card to convert to cash.    -   Withdraw from a bank account to convert to cash.    -   Transfer points into payments (e.g., pay with points instead of        cash).    -   Transfer mileage into payment.    -   Pay with credit cards points that accumulate based on usage of        the PayGeo service.    -   Pay with mileage points that accumulate based on usage of the        PayGeo service.    -   Convert/exchange funds to another currency/denomination.    -   Convert to “Good Money”    -   Issue digital debit or credit cards that are stored on the user        mobile station.    -   Use or redeem gift cards.    -   Issue/send credit cards to contact.    -   Add money to the user's wallet (replenish the user's account).    -   Swipay an individual and/or a vendor by account number or name.    -   Swipay or Swipmail a payment or a document to a scanner.    -   Pay bills from one or more specified accounts.    -   Pay bills from one or more specified credit cards.    -   Pay bills from the user's wallet money (in user's PayGeo        account).    -   Receive bills online.    -   Use Swipmail to send bills online.

The user can locate “Good Deals” on a GPS map showing the merchants'locations, names, phone numbers, websites, based on a search choice madeearlier and proximity to user. Once a choice is made, the user can usethe user mobile station to exchange goods/services, by paying directlyfrom: a PayGeo account, other credit cards, points accumulated onPayGeo, points accumulated on other Credit cards, “Good Money” whichrepresents cash that is withdrawn directly from the user's PayGeoaccount.

Vendors and/or individuals may post ads for goods and services onPayGeo's platform directly from the user mobile station or on PayGeo'swebsite. These ads can be rich media format: video, audio, data, orsimply images containing a message. Advertisements may also be in couponformat such as various types of barcodes QR codes and read andunderstood by PayGeo software. Barcodes are translated into commoncurrency and are used by a swiping action (Swipmail or Swipay) toanother user mobile device, or to a scanner. The barcodes on the usermobile station may also be scanned by a scanner.

The user may decide on an amount to pay, with or without exchanginggoods or services. The user simply types the amount desired, decidesfrom which account, e.g., credit card, redemption points, etc., themoney will be debited and simply makes the payment with a swipingmotion. The user may also use the Swipmail function of the user mobilestation to send the funds to an individual, a contact name from theaddress book, a vendor, an institution, or to wire transaction in theform of a coded email or SMS. Receiving a payment or making a paymentcan be made by direct swipe towards a compatible device.

PayGeo service also provides usage-based credit points accumulation.PayGeo will accumulate points in the user's account based on the volumeof transactions, time and locale of the transactions, and other factors.The user can accumulate further points by searching advertisements andby logging to vendors' or individuals' ads, etc.

A user has the choice of redeeming points when purchasing goods andservices. The PayGeo platform allows transfer of points between manyusers. The user can consolidate points that accumulate from differentsources, such as: one or more credit card points, mileage points, etc.,and transfer the consolidated points into PayGeo's Good Money points, toredeem purchases or to obtain a discount on transactions.

PayGeo service also provides a profile-based custom advertisement push.PayGeo service may profile users and pass to vendors and individuals theoption to target advertisements based on, such factors as: location,search interest, age, gender, product purchases, product visited, timezones, geographic location, etc. These matrixes can help individuals andadvertisers to special target users based on the criteria that fit theirproduct or service needs.

PayGeo service also provides an interactive and flexible searchadvertisement pull. The user can automatically see a map within a rangeshowing “Good Deals” participants on a GPS map with locations, names,phone numbers, website info, by touching a pin (on the map) of any gooddeal in his surrounding area. The user may alternatively create a searchbased on a choice that was made earlier.

Users can interact with other users based on: location, targeted matrixof choice, or other criteria of choice.

Individuals may use PayGeo to choose any type of search based on:location, product type, product name, vendor name, interest or hobby,from data uploaded by vendors or individual advertisers on PayGeo.

PayGeo service also provides a dedicated around the clock media-richcommercial channel network. Users can view advertisements circulating invarious shapes using a PayGeo online channel.

PayGeo service also provides users and vendors with advanced usage datamanagement and analysis. The user mobile station understands the users(prepares a user profile) by tracking transaction matrix such as: amounttransferred, received, cash spent, cash transferred, items purchased,originating transaction location, destination transaction location,currency type, commodities exchanged, commodities sold, commoditiespurchased, spending habits, the number of visitors to the ads, totalvisits and pages consumed on site, monitoring user engagement metricssuch as the length and depth of each visit, identifying the location ofvisitors and the mobile operators and devices used to access PayGeo'sservice.

PayGeo analyzes traffic, enables users to compare the quality of trafficby analyzing visitors and usage information's through the followingtraffic sources:

-   -   Advertising partner or specific advertising campaign.    -   Search provider with detailed information on top keywords.    -   Referrals from other mobile sites.    -   Direct traffic to mobile sites.

PayGeo analysis improves site usage by monitoring the performance andusage of individual pages on mobile sites that will help optimize theneeds of mobile audience:

-   -   Analyze page views, visit duration, and bounce rate for each        page on site.    -   Identify which pages the visitors previously visited prior to        arriving to a particular site.    -   Determine which pages have the highest exit rates.

PayGeo service achieves advertisers' goals and allows users to measurethe goals that are specific to their mobile sites or campaigns. Forexample, PayGeo can track the following metrics:

-   -   The percentage of visitors who downloaded an item from a site.    -   Conversion rates for all advertising or marketing partners.    -   Percentage of visitors who logged into an account.

PayGeo service enables targeting audience to become more dynamic, anduse all targeting technologies on a single platform, thus enabling usersto combine targeting methodologies in order to reach highly specificaudience segments. PayGeo further enables users to identify and target alarge number of consumers.

PayGeo can provide the following additional services:

-   -   Demographic prediction technology that enables advertisers to        target their precise demographic markets with accuracy and to        eliminate wasted impressions.    -   Behavioral targeting Index that converts online behaviors into        actionable data for advertisers by scoring each online        consumer's interest and purchase intent based on their recent        online behavioral patterns.    -   Dynamically segments web content into a large number of        categories (e.g., more than a thousand categories), and        assigning a real-time content relevancy score, which ensures        that the advertisers' ads are highly relevant to the immediate        content.    -   Enables marketers to target consumers by geographic locations        and customize messaging for optimal relevance.    -   Enables advertisers to target their past website visitors or to        retarget consumers who have previously seen their ads in        category placements outside the PayGeo service.

BRIEF DESCRIPTION OF THE DRAWINGS

The various features of the present invention and the manner ofattaining them will be described in greater detail with reference to thefollowing description, claims, and drawings, wherein reference numeralsare reused, where appropriate, to indicate a correspondence between thereferenced items, and wherein:

FIG. 1 is a schematic illustration of an exemplary operating environmentin which a platform for allowing the exchange of cash, commodities (suchas gold, silver, etc.), or other valuables, between members (ornon-members), in a mobile environment may be used according to thepresent invention, wherein this platform is also referred to herein as“mobile transaction platform,” “PayGeo,” or “PayGeo platform”;

FIG. 2 is a schematic illustration of the mobile transaction platform ofFIG. 1, along with its operating environment;

FIG. 3 comprises FIGS. 3A-3K, and represents a flowchart and associatedexemplary screen shots, that illustrate a method of setting up andactivating a user mobile device for use with the mobile transactionplatform of FIGS. 1 and 2;

FIG. 4 comprises FIGS. 4A-4P, and represents a flowchart and associatedexemplary screen shots, that illustrate a PAY function for enabling theuser mobile device to execute payments, using the mobile transactionplatform of FIG. 1;

FIG. 5 comprises FIGS. 5A-5I, and represents a flowchart and associatedexemplary screen shots, that illustrate a COUPONS function for enablingthe user mobile device to retrieve and claim coupons, using the mobiletransaction platform of FIG. 1;

FIG. 6 comprises FIGS. 6A-6B, and represents a flowchart and associatedexemplary screen shots, that illustrate a SCAN function for enabling theuser mobile device to input financial information, using the mobiletransaction platform of FIG. 1;

FIG. 7 comprises FIGS. 7A-7I, and represents a flowchart and associatedexemplary screen shots, that illustrate a DEPOSIT function for enablingthe user mobile device to deposit funds or other commodities in his/heror someone else's PayGeo account or a financial institution's account,using the mobile transaction platform of FIG. 1;

FIG. 8 comprises FIGS. 8A-8E, and represents a flowchart and associatedexemplary screen shots, that illustrate a LEND/BORROW function forenabling the user mobile device to lend funds to other users orfinancial institutions, or to borrow funds from other users or financialinstitutions, using the mobile transaction platform of FIG. 1;

FIG. 9 comprises FIGS. 9A-9C, and represents exemplary screen shots thatillustrate a WRITE A CHECK function for enabling the user mobile deviceto write a check to other users, non-PayGeo members, or to financialinstitutions, using the mobile transaction platform of FIG. 1; and

FIG. 10 comprises FIGS. 10A-10D, and represents exemplary screen shotsthat illustrate an ORGANIZE function for enabling the user mobile deviceto organize his/her finances and money/cash liquidity position, usingthe mobile transaction platform of FIG. 1.

DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS

FIG. 1 illustrates an exemplary operating environment 100 in which amobile transaction platform 200 for allowing the transfer or exchange ofcash, commodities (such as gold, silver, etc.), or other valuables,between members (or non-members) in a mobile environment, may be usedaccording to the present invention. This platform 200 is also referredto herein as the platform 200″, “PayGeo service”, or “PayGeo platform200.” As it will be described later in greater detail, the platform 200selectively communicates with a plurality of users, such as theregistered users 105, 110, non-registered users 145, other users,institutional users, banking or financial institutions, or brokerageinstitutions 150, government institutions 160, and vendors/marketers170, and allows them to selectively communicate amongst each other andwith the platform 200 (FIG. 2), via, for example a plurality ofcorresponding interface systems 140. As used herein, the term “user” maycontextually refer to any one of the foregoing users.

Referring now to FIG. 2, it further illustrates the mobile transactionplatform 200, along with its operating environment. More specifically,the mobile transaction platform 200 generally includes at least onelocal transfer site 210 that may be connected to other mobiletransaction platforms 250 via a local, centralized, or decentralizednetwork 255. The mobile transaction platform 200 further includes aplurality of local, centralized, or networked servers 256 and databases257 that are interconnected via a network 260.

The mobile transaction platform 200 also includes a plurality ofinterfaces that enable access to the local transfer site 210. As usedherein, the term “interface” includes a hardware, a software, a service,and/or a computer program product that is typically embedded within, orinstalled on a computer, a server, or otherwise a dedicated auxiliarydevice. Alternatively, the interface can be saved on a removable storagemedium such as a diskette, a CD, a DVD, a hard drive, or another knownor available memory device.

In a preferred embodiment illustrated in FIG. 2, the mobile transactionplatform 200 includes a plurality of representative user stationinterfaces 205 that enable the user stations 105, 110 to access thelocal transfer site 210; a plurality of broadcasters' interfaces 215that enable the broadcasters (or broadcasting stations) 120 to accessthe local transfer site 210; a plurality of advertisers' and marketers'interfaces 225 that enable the advertisers 125 and marketers 135 toaccess the local transfer site 210; a plurality of financialinstitutions' interfaces 235 that enable the financial institutions 150to access the local transfer site 210; and a plurality of paymentinterfaces 240 that enable access to the payment centers 141 and ATMs480 (FIG. 1), either directly or through the local transfer site 210.

Referring now to FIG. 3, it comprises FIGS. 3A-3K, and represents aflowchart 300 (FIG. 3A) and associated exemplary screen shots (FIGS.3B-3K), that illustrate a method 300 of setting up and activating a usermobile device (or station) 105, for use with the mobile transactionplatform 200 of FIGS. 1 and 2.

A user using a mobile station or device, e.g., 105, starts the process300, at step 302 of FIG. 3A, by logging in to the local (PayGeo)transfer site 210, and downloading a mobile application (PayGeoapplication) 320 (FIG. 3B) to the mobile device 105. The user may thenstart, at step 304 of FIG. 3A and its corresponding screen shot of FIG.3C, the PayGeo application 320, by setting up the desired security levelor levels for the user station 105.

In the embodiment illustrated in FIG. 3B, the user has the option toselect at least one of four security levels. It should be clear thatother security levels or measures are conceivable and possible accordingto the present invention. The first security level is set by entering auser-selected password 322. The second security level is set byrecording a voice recognition password, signature, or template 323, thatidentifies the user. The third security level is set by entering auser-selected fingerprint 324 that identifies the user. The fourthsecurity level is set by providing a user DNA sample 325 foridentification. The information collected or entered for these securitylevels may be stored in the user mobile station 105, and allows the userto access his/her account on PayGeo's local transfer site 210.

FIGS. 3D and 3E further explain the details of the fourth securitylevel. FIGS. 3D and 3E illustrate a DNA molecular switch (or DNA switch)333 that collects the DNA sample 325 from a DNA source, such as forexample, a user's finger 326 (shown in dotted lines to indicatenon-inclusion as part of the invention). The DNA molecular switch 333generally includes a heat source 327 (FIG. 3D), a contact plate 328, anda DNA sample collection plate 330.

In use, the heat source 327 generates a heat wave that travels towardthe contact plate 328 and the DNA source 326. In this exemplaryembodiment, the heat source 327 is shown to include a power source 331,a heating element 332, and a heat diffuser 334. It should be understoodthat other heat sources can alternatively be used, such as lightemitting diodes (LEDs), etc., that generate sufficient heat to extractthe DNA sample 325 from the DNA source 326.

As the heat wave reaches the DNA source contact plate 328, it forces theextraction of DNA molecules and the binding on a carbon nanotube orpolymer 381, which in turn is heated in a micro “denaturation” processto duplicate and form on the second nanocarbon tube or polymer 382. Inthe initial setting stage, and while the switch is being “programmed”the secondary current heat source 384 is turned OFF, and the DNA randommolecules will stick tightly, reforming a double-stranded DNA 383 thatonly complementary strands can come together. This process is called“annealing” or “hybridization” with a very specific current measuredvalue (a closed passing current). The resulting value is stored on thereceptor as part of switch circuitry 333.

Subsequent use of the switch will not necessitate a secondary heatsource, therefore “annealing” or “hybridization” is not performed on thesecond test sample. The second DNA sample 325 is extracted with a heatsource 335 and binds on a new temporary nanocarbon tube or polymer 380.This nanocarbon tube or polymer 380 is then subjected to a currentgenerated by the power source 384 that results a specific value that maymatch the original stored current value and the switch is closed, or mayresult in a different current value which indicates a different sampleorigin.

The completion of the setup steps 302 and 304 and the entry of otheruser-specific information, enable the user to log in to his/her accounton PayGeo's local transfer site 210, at step 306 of FIG. 3A. Once theuser is ready to login to his/her account, the user selects thepreferred identification security levels that were previously set up atstep 304. In the example illustrated in FIG. 3F, the user has selectedto access his/her account by entering his/her password 340, and thenpressing the “Go To My Wallet” function 342.

Once the user is logged in to his/her PayGeo account, he/she is able tochange his/her password 344 or to contact PayGeo's customer (ortechnical) support 346 (FIG. 3G). Alternatively, or in addition to thefirst security level (e.g., password), the user may elect to enteralternative or additional security levels as illustrated in FIG. 3H,such as a thumb print 348 or a voice print 350.

As illustrated at step 308 and the corresponding FIG. 3I, the user mayenter various account information that would otherwise be conventionalavailable on cards and carried by the user in his wallet or her purse,or stored on his/her computer. For example purpose only, and withoutintent to limit the types of information inputted by the user, the usermay enter different financial institutions, such as bank cards, creditcards, and debit cards, and to set spending limits therefor. The usermay choose to manually enter the information, or to scan a photo ID(e.g., driver's license) 352, credit cards, ATM cards, pointaccumulating cards, health, car, and home insurance cards, etc. Theentered items or information may then be securely stored on the usermobile device 105 and/or the mobile transaction platform 200.

As further illustrated at step 310, the user also may continue his/herPayGeo account creation and complete the set up process by opening anaccount that can be created with a zero (or a minimal) balance, whichcan be readily replenished by various methods, as it will be explainedlater in greater detail in connection with FIG. 3J.

Upon proper login, the user mobile station 105 provides the user with afunction selection screen 377 (FIG. 3J), which allows the user to selectat least of several functions that are supported by the mobiletransaction platform 200. In this exemplary illustration, the usermobile station 105 enables the following six functions:

-   -   A PAY function 405, which will be further detailed in connection        with FIG. 4.    -   A VIEW-LOAD COUPONS function 505, which will be further detailed        in connection with FIG. 5.    -   A SCAN ITEMS function 605, which will be further detailed in        connection with FIG. 6.    -   A DEPOSIT function 705, which will be further detailed in        connection with FIG. 7.    -   A LEND-BORROW function 805, which will be further detailed in        connection with FIG. 8.    -   A WRITE CHECK function 905, which will be further detailed in        connection with FIG. 9.

With further reference to FIG. 3K, it is a schematic illustration of theexemplary user station 105 along with its operating environment. Asexplained earlier, the user mobile station 105 communicates with themobile transaction platform 200 via the network 101. The user station105 can be a standalone device, such as a mobile phone, tablet, orcomputer, or it can be used with other auxiliary devices, such as anexternal speaker 355, a GPS receiver 356, a microphone 357, a cellular(mobile or satellite) phone 358, or any other available compatibledevice 360. The user mobile station 105 may also various signals,including video, audio, and/or data signals over an nG communicationnetwork (e.g., 3G, 4G, etc.) 362, WIFI or other digital broadcastsignals 364, or analogue broadcast signals 365 that are digitized bymeans of an analogue-to-digital converter 370.

FIG. 4 comprises FIGS. 4A-4P, and represents a process 400 (FIG. 4A) andassociated exemplary screen shots (FIGS. 4B-4P) that illustrate a PAYfunction 405 (FIG. 3J), for enabling the user mobile device 105 toexecute payments, using the mobile transaction platform 200 of FIGS. 1and 2.

A user using a mobile station or device, e.g., 105, starts the process400, at step 402 of FIG. 4A, by logging in to his/her PayGeo useraccount, using any one or more security levels, as preset by the user inthe activation process that was explained earlier in connection withFIG. 3. The user may then, at step 404 of FIG. 4A, initialize the PAYapplication 420 of FIG. 4B, by selecting the PAY function 405 of thefunction selection screen 377 (FIG. 3J).

At step 406, the PAY application 420 provides the user with a means ofidentifying the target payee and the desired payment method. As anexample, the target payee may be the user's own PayGeo account oranother account at another institution. With further reference to FIG.4B, the target payee may be another registered PayGeo member (orregistered institution) 422, a contact from the user's phone list (oraddress book) 424, a user of a network such as a social network 426,and/or a non-registered person or institution 428.

The user may also make a payment using other available or suitablemethods. For example, the user may make a payment directly in a desiredcash (national or foreign currency), a commodity, or a coupon to aperson, a cashier, a booth, or an institution. The PAY application 420may also enable the user to make a payment to a third party, using alegal tender that is defined by PayGeo and that corresponds to, and thatis equivalent to the balance (or replenishment) in the user's PayGeo'saccount. Alternatively, the user may make a payment to a third party,using credit (or loan) that is extended to this particular user byPayGeo service.

More specifically, and with further reference to FIG. 4C, the PAYapplication 420 enables the user to make a payment with PayGeo pointsthat accumulated based on the user's use of the PayGeo service (430), orpoints that were transferred to the user from another member's (ornon-member's) account (432). Alternatively, the user may make a paymentusing a credit card 434, a PayGeo legal tender 436, or in cash (orcommodity) 438. The PAY application 420 further allows the user to writea check 432 (FIG. 4B), as it will be explained later in more detail, inconnection with FIG. 9.

FIGS. 4D, 4E, 4F, and 4G illustrate four exemplary organizers 440, 450,460, and 470, respectively, which are provided on the user mobilestation 105 by PayGeo service on the mobile transaction platform 200.These organizers provide financial organization and support to the user,and assist the user is selecting the financial accounts from which thepayment is to be made (or received) and the amount of payment to be madefrom (or received by) each financial account. It should be clearlyunderstood that these organizers are shown for illustration purpose onlyand that other organizers are anticipated by the present invention.

More specifically, the organizer 440 of FIG. 4D provides the user withthe option and ability to make a payment using the credit card 434, thePayGeo legal tender 436, or cash (or commodity) 438. The organizer 440further allows the user to write a check 432 (though not shown in thisparticular figure). The organizer 440 also provides a financialbreakdown of the user's various receipts, payments, spending, andaccount balances.

The organizer 450 of FIG. 4E further provides the user with the abilityto prepare, fill out, and file tax forms 452, the ability to email thepayments (or to receive payments by email) 454, and the ability to makepayment directly with a directional swipe of a finger (referred toherein as Swipay or Swipay 456). With regard to the Swipay feature 456,once the user selects the payment (or receipt) details, he/she swipes afinger in the direction of the arrow (or in another direction). ThisSwipay motion enables the user to make a payment efficiently by sendingthe payment directly to the target payee's address or account. A“handshake” is prompted on the receiver end and the transaction isallowed to proceed (e.g., online).

With regard to the organizer 460 of FIG. 4F, if the user determines thatadditional funds are needed, then he/she can make a direct deposit withPayGeo service by filling up My “virtual” Wallet 462 on PayGeo service.Additionally, the organizer 460 allows the user to make variousdeposits, payments, and other functions, including the calculation ofthe user's balances in his/her accounts.

The organizer 470 of FIG. 4G enables the user to scan or swipe the data472 that is stored on a magnetic (or other) strip of, for example, acredit card or an identification card. The organizer 470 further enablesthe user to perform other functions such as to setup his/her ID, or toenter information related to the user's account, such as the frequentflyer account 474, etc., for future use or processing.

Upon completion of the identification of the target payee and thepayment method, at step 406 of FIG. 4A, the user mobile station 105enables the user to make the actual payment at step 408 of FIG. 4A andthe corresponding FIGS. 4H-4J. FIG. 4H illustrates the situation where auser wishes to make a direct cash payment to, for example, a cashregister, a toll both, or any other payment processing center 476. Theuser may make the payment with the Swipay function 456 enables the userto connect wirelessly to the payment processing center (i.e., cashregister) 476 and to automatically effect a direct transfer of fundsfrom the user's PayGeo account on the mobile transaction platform 200,to the cash register 476 with a single swipe of a finger.

It should be understood that, in order to prevent a non-authorizedtransfer, the Swipay function 456 may be provided with a security levelthat authenticates the authorized user prior to effect the transfer offunds. For example, the Swipay function 456 may scan the user'sfingerprint or DNA, before allowing the transfer of funds.

Another feature of the PAY function screen of FIG. 4H is that it enablesthe user mobile station 105 to generate a scanable code 477. Thescanable code 477 can be scanned by a scanner 478 at the locale of thepayment (such as a shopping center), in order to effect the automatictransfer of the funds from one or more payments methods that have beenauthorized by the user at step 406.

The user may scan the desired items, save the scan on the user mobilestation 105, and proceed to pay for the items using the user mobilestation 105 and the PayGeo service. When the shopping total has beentabulated or calculated at checkout, the user can convert, from his/herPayGeo account, the exact amount into a bar code that can be scanned bythe cashier, in order to credit the vendors' accounts. This barcoderepresents actual money that is debited from the user's PayGeo account.The user has the option of using various credit cards, debit cards ordirect withdrawals from accounts that are setup on the user mobilestation 105. The PayGeo service may charge a processing fee for each orselected transaction using this service. The user mobile station 105allows scanners that are compatible with the Swipay function 456(described herein) to synchronize with the user mobile station 105 toeffect financial transactions, in lieu of generating a barcode.

For vendors or users who have the PayGeo software installed on theirreceiver stations, the sender mobile device 105 will recognize thepresence of these receiver stations, and allows a prompt to confirm theidentifications of the vendors or users (similarly to a WIFI prompt).Once a receiver station is confirmed, the sender mobile device 105 willallow the option of the transaction to continue seamlessly with higherspeed and far less origination charges than other choices. For vendorswho do not have the PayGeo software installed, a compatible code isgenerated from a list that has been compiled and stored by PayGeo. Oncethe proper connection is made between the sender and receiver stationsand the compatibility is confirmed, a code is generated by the PayGeoapplication (or server). This code may be scanned or entered manuallyand will automatically deduct the amount of money agreed upon from theuser's PayGeo account and deposit it on the vendor's side to an accountof the vendors' choice.

Another important feature of the present invention is the ability of theuser mobile station 105 to communicate with an automatic banking userinterface (system or dispenser), such an automated teller machine (ATM)480 (FIG. 4I). To this end, the user selects the target payee 481(including himself) on the user mobile station 105, and further entersthe payment amount 483. The user then has more than one option towithdraw cash from the ATM 480 or to make a payment to a third party.

One exemplary option would be to use the Swipay function 456, asexplained above, in order to establish direct communication with the ATM480. The Swipay function 456 may prepare the login information, such asthe user's password to the ATM 480, in advance, and transmit theinformation wirelessly (or via wire, if needed for a specificapplication), to the ATM 480. The user then withdraws the funds from acash withdrawal window 484.

Alternatively, upon entry of the target payee 481 and the payment amount483, the user may instruct the user mobile station 105 to generate ascanable code 477 that contains all the relevant financial and logininformation for the transaction. The code 477 may then be scanned andrecognized by an ATM code scanner 482 for cash withdrawal.

Considering as an example, that the user is a PayGeo registered user andthat he/she wishes to make a cash payment to another person who is not aPayGeo registered user and who does not have an account with thefinancial institution operating the ATM. The user may then elect to usethe Swipay function 465 to transfer (e.g., either by Blue Tooth or byemail) the scanable code 477 to the payee's mobile phone with apreviously downloaded PayGeo application. The payee may then scan thecode 477 at the ATM code scanner 482, and the cash is now available forwithdrawal, deposit, forwarding, etc., by the payee. Once thistransaction is effected, the ATM 480 generates a cancel orderinstruction to the payee's mobile phone, in order to preventunauthorized duplications of the payment or the user's information.Alternatively (or additionally for added security), the ATM 480 cangenerate an internal cancel order instruction, including the paymentidentification number, to prevent the duplication of the payment.

It should be understood that the ATM 480 is used herein to illustratethe capability of the present invention and is in no way intended tolimit the scope of the present invention. Rather, the ATM 480 is arepresentative illustration of numerous application, including forinstance, medical applications, wherein a patient's user mobile station105 transmits the user's medical information to a data collection unit,such as an X-Ray machine control unit for confirming the identity of thepatient and/or for making direct payments as medical services (or otherservices or products) are being rendered.

Referring now to FIG. 4J, it illustrates the ability of the mobiletransaction platform 200 and the user mobile station 105 to effectpayments in foreign currency or denominations. As an example, if theuser were travelling overseas and wishes to make a payment in adifferent denomination than his home, or default denomination, then thePayGeo service provides an on-the-spot conversion rate and converts thefunds to the desired denomination, thus making the payment with thedesired denomination 490. It should be understood that the same orsimilar concept could be used to transfer or exchange commoditiesbetween users of the PayGeo service.

Upon completion of the payment by the user at step 408, the recipientcan either accept or reject the payment at step 410, and as furtherillustrated in the corresponding FIGS. 4K-4P. FIG. 4K illustrates arecipient's screen 490 that illustrates the originating user/payorincluding the amount to be paid 491. The recipient's screen 490 furtherprovides the recipient with the option to accept the transfer byselecting the Accept function 492. The acceptance of the transfer isforwarded to the user mobile station 105 in order to complete thetransaction.

Alternatively, the recipient's screen 490 provides the recipient withthe option to decline the transfer by selecting the Decline function493. The decline of the transfer is forwarded to the user mobile station105 to cancel the transfer.

The recipient's screen 490 also provides the recipient with the optionto log in to his/her PayGeo account 494, or to open a PayGeo account495. The recipient's screen 490 also enables the recipient to delayhis/her decision to a later time regarding the fund transfer 496.

With reference to FIG. 4L, and once the acceptance of the transfer isautomatically or manually acknowledged by the user mobile station 105,the user mobile station 105 sends a confirmation (or permission) signalto the recipient's mobile station and (optionally automatically) changesthe recipient's mobile screen to another screen 497 that allows therecipient to dispose of the transferred funds.

For illustration purpose only, once the recipient accepts the fundtransfer (FIG. 4K), he/she needs to dispose of the transferred fund. Tothis end, the screen 497 provides the recipient with several options,among which are the following: to keep the fund in the user's PayGeoaccount 463; to send the fund to a default account 464, which has beenpreset and preselected on the recipient's mobile device; to send thefund to the recipient's account at either PayGeo or at a financialinstitution 465; to forward the fund, in part or in full, to one or morecontacts 466; to remind the recipient to delay his/her decision for thedisposition of the fund 467; and to write a check 468, as it will beexplained later in greater detail in connection with FIG. 9.

FIG. 4M complements FIG. 4L and illustrates additional options that areavailable to the recipient, as exemplified by screen 498. The recipientcan accept the fund 441 and then generate a scanable code 442, 477. Asfurther illustrated and described earlier in connection with FIG. 4I,the recipient can scan the code 477 and retrieve cash 444 (a check oranother legal tender) from the ATM 480.

FIG. 4N also complements FIG. 4L and illustrates more options that areavailable to the recipient, as exemplified by screen 499. The recipientis now given the option to deposit the transferred fund to his/her ATMaccount. The recipient logs in to his/her PayGeo account or opens a newPayGeo account. PayGeo service then generates a new scanable transactioncode (or account code) 485 on the user mobile station 105, using the“Generate Scan Code” function 486. The recipient requests his/her mobilestation to generate a scanable code 485. The transaction code 485 isscanned by the ATM 480, and the transfer is deposited in the recipient'saccount. The ATM 480 generates a confirmation receipt, acknowledging thedeposit of the fund.

More specifically, the ATM 480 may recognize the transaction code 485generated by the PayGeo software on the user mobile station 105. Thistransaction code 485 includes data that reflects the financialtransaction, i.e., cash deposit, withdrawal, transfer, etc., thetransaction amount, i.e., $1,000, which can be entered manually, usingfor example, a popup numeral (or regular) keyboard 487. The transactioncode 485 is scanned to the ATM 480 or manually entered on the ATM 480.

As illustrated in FIG. 4O, a reverse code generation is also possiblewhere an ATM transaction code 488 is generated by the ATM (480) networkand scanned by, or manually entered on the user mobile station 105 (bymeans of a popup keyboard 487). In the illustrations of FIGS. 4N and 4O,a validation and consolidation of all accounts involved is done throughthe PayGeo software. This software may be embedded on the localoperating ATM (480) level or through cloud or wireless connection troughmaster server(s) using encrypted transmission.

With further reference to FIG. 4P, a PayGeo user may deposit cash at anATM in someone else's account using the “GENERATE SCAN CODE” function486 (FIG. 4N) from user1 to user2. The PayGeo service generates ascanable deposit code 477 which is sent to, and appears on the mobiledevice of user2 as screen shot 489. In turn, upon request by user2, theuser mobile station of user2 generates a confirmation code 477R andsends it to user1, in order to enable user1 to effect the deposit on theATM. The confirmation code 477R is scanned on the ATM or manuallyentered, and will appropriate the deposit to user2 account. A reversecode generation is also possible where user2 can request a “DEPOSITCODE” from an ATM in different local to be used by user1. The depositcode then appears on the mobile device and maybe sent to user1 for useon a different ATM. That code is generated by the ATM network and may bescanned or manually entered on the mobile device. In both cases avalidation and consolidation of all accounts involved is done throughPayGeo software.

The screen 499 of FIG. 4N can be similarly used to enable a user todeposit funds in his/her ATM account using the user mobile station 105.To this end, the user selects the PayGeo account from which to withdrawthe fund, generate a scanable code 442, 447, and then effect the fundtransfer from the PayGeo account to the ATM account following the methoddescribed earlier in connection with FIG. 4I.

The user can also use the PayGeo service to make an exchange or refund.Since all the receipts and barcodes are stored in the user mobilestation memory, the user will no longer need to carry paper receipts,and thus may present the items returned with a related barcode itemnumber generated by the user mobile station 105, showing the details andpurchase price.

Money can be transferred between one or more users of the user mobilestations 105, which transfer can be done when the users are in closeproximity to each other, with a “handshake” secure transfer. The userscan also exchange money from global distances using user mobile stations105 that are connected, for example, via the mobile transaction platform200.

FIG. 5 comprises FIGS. 5A-5I, and represents a flowchart 500 (FIG. 5A)and associated exemplary screen shots (FIGS. 5B-5I) that illustrate aCOUPONS function 505 (FIG. 3J) for enabling the user mobile device 105to retrieve and claim coupons, using the mobile transaction platform 200of FIGS. 1 and 2. The COUPONS function may include a GOOD DEAL function510 (FIG. 5B).

A user using a mobile station or device, e.g., 105, starts the process500, at step 502 of FIG. 5A, by logging in to his or her PayGeo useraccount, using any one or more security levels, as preset by the user inthe activation process that was explained earlier in connection withFIG. 3. The user may then, at step 504 of FIG. 5A, initialize theCOUPONS/GOOD DEAL application 510 of FIG. 5B, by selecting theCOUPONS/GOOD DEAL function 505 of the function selection screen 377(FIG. 3J).

At step 506, the VIEW-LOAD COUPONS/GOOD DEAL application 510 (FIG. 5B)provides the user with a means of identifying and searching forproducts, services, coupons, or commodities of interest (collectivelyreferred to herein as “products”). When the user selects the “VIEW-LOADCOUPONS/GOOD DEAL” function 505, the mobile user device 105 uploads theGOOD DEAL application 510 and optionally automatically shows a map 511(FIG. 5C) that shows various “good deals” on products that are availableto the user in proximity to the user's location, as hyperlink coloredicons. It should be clear that the user may change the coordinates(i.e., country, state, province, county, city) of interest, whichenables the user to either search for, retrieve, or scan the products ofinterest.

FIG. 5D provides the user with search fields 512, 513 that allow theuser with the option to search by, for example, a company name, aproduct category, and/or a coupon of interest. In response to the user'sinquiry, the user mobile station 105 provides the user with the searchresult and access to the resulting products. In addition, the user hasthe ability to search newspapers, magazines, the Internet, TVcommercials, radio commercials, etc. In other terms, the PayGeo serviceis not limited to paper coupons, but also includes digital coupons.

FIG. 5E, allows the user to access and login to the vendor's web site(514). In addition to retrieving the advertisements posted by thirdparty vendors, the user has the ability to post his/her ownadvertisement or comment on PayGeo's mobile transaction platform 200,and to make the same available to other users (members or non members,with priority to members).

At step 508 of FIG. 5A, and as further illustrated in FIG. 5F, the usermobile station 105 displays the selected product of interest 515, aswell as associated useful information, such as the promotion code 516,and promotion terms 517, and the promotion coupon 518 or scanable code519 (that is scanable by a register as described earlier in connectionwith scanable code 477). Alternatively, the user mobile station 105allows the user to select coupons by product category, such asrestaurant, clothing, bookstore, electronics, etc. 520.

With reference to FIG. 5H, upon downloading the desired coupon 521 tothe user mobile station 105, the user has the option to scan 522 aphysical coupon (or transfer or download a digital coupon) 521 thecoupon information (or bar code) 523, along with the bar code 524 of theproduct of interest to the user mobile station 105. The user mobilestation 105 then automatically calculates the remaining balance 525after the coupon amount has been deducted (and local tax calculatedwhere appropriate). The user can then pay the balance (526)automatically by using the “PAY” function as described earlier. Otherpayment methods or options may alternatively be selected by the user.

Alternatively, if the user does not wish to make a purchase, he/she hasthe ability to store the coupon 521 on the user mobile station 105 onthe mobile transaction platform 200 for later recall and use (FIG. 5I).In one embodiment, the downloaded coupons, advertisements, orcommercials are stored based on keywords or categories.

In addition to downloading the coupon ad 521 from third parties, PayGeoService can generate its own coupons, discounts, prepaid cards, and cashcards. For example, PayGeo can make special, lucrative deals withvendors and can make these deals available to its users, worldwide.PayGeo's prepaid cards that are downloaded or scanned on the user mobilestation 105 can be used, for example, at specific stores that honorPayGeo's credit to make purchases. PayGeo's cash cards that aresimilarly downloaded on the user mobile station 105 can be used as cashalternative.

FIG. 6 comprises FIGS. 6A-6B, and represents a flowchart 600 (FIG. 6A)and associated exemplary screen shot (FIG. 6B) that illustrate a SCANfunction 605 (FIG. 3J) for enabling the user mobile device 105 to inputfinancial information, using the mobile transaction platform 200 ofFIGS. 1 and 2.

A user using a mobile station or device, e.g., 105, starts the process600, at step 602 of FIG. 6A, by logging in to his or her PayGeo useraccount, using any one or more security levels, as preset by the user inthe activation process that was explained earlier in connection withFIG. 3. The user may then, at step 604 of FIG. 6A, initialize the SCANapplication, as illustrated by screen shot 610 of FIG. 6B, by selectingthe SCAN function 605 of the function selection screen 377 (FIG. 3J).

At step 606, the SCAN application 610 (FIG. 6B) provides the user with ameans of inputting the user's and his/her contacts' financialinformation. When the user selects the SCAN function 605, the mobileuser device 105 uploads the SCAN application 610 and automaticallydisplays at least one of the five scanning options 611, 612, 613, 614,615 that are shown in FIG. 5B. It should be understood that, as adefault, the user mobile station 105 can be programmed to display one ormore scanning options, and that additional scanning are available to theuser.

At step 608, the user uploads the selected information from the desiredmedium. The first exemplary scanning option is the “Enter Check Info”option 611, which enables the user to enter financial information fromthe check 620 by scanning (or taking a photo) of the check 620. The usermobile station 105 then performs optical character reading (OCR) on thecaptured image of the check 620, to retrieve the desired financialinformation. This financial information includes, for example, thepayor's name and address, the payee's name (and possibly the payee'saddress and additional identification), the number, date and amount ofthe check 620, the bank's name and address, and the memo informationidentifying the purpose of the check 620. Other relevant information mayalso be retrieved or optionally associated/hyperlinked to or from theuser's address book or from PayGeo service.

The user mobile station 105 may, automatically, proceed to the next stepof scanning the bank information, or the entry of such information maybe selected manually by the user 612, as described earlier in connectionwith the entry of the check information 611. The bank accountinformation includes such information as the bank routing number 622and/or the bank account number 623.

The “Enter Credit Card” scan function 613 of FIG. 6B enables the user toscan his/her credit cards or identification card, for example 625 ofFIG. 6B, or 473 of FIG. 4G, by either capturing a picture of the creditcard or ID 625 or by using a scanner 472 (FIG. 4G).

The “Prepaid PayGeo Card” scan function 614 of FIG. 6B enables the userto enter, scan, or otherwise capture the information on a prepaid PayGeocash card (or telephone card, or any other magnetically orelectronically encoded card, chip, or medium) 626, as described herein.

The “eCoupon” scan function 615 of FIG. 6B enables the user to enter,scan, or otherwise capture the information on a physical or electroniccoupon 627. The user mobile station 105 can read various barcode typesfrom mobile advertisements and save them for later use. The user has theoptions to store coupons under various accounts and to recall them, asneeded, when making live or online purchases. The PayGeo service maycharge a processing fee for the use of this service.

FIG. 7 comprises FIGS. 7A-7I, and represents a flowchart 700 (FIG. 7A)and associated exemplary screen shots (FIGS. 7B-7I) that illustrate aDEPOSIT function 705 (FIG. 3J) for enabling the user mobile device 105to input financial information, using the mobile transaction platform200 of FIGS. 1 and 2.

A user using a mobile station or device, e.g., 105, starts the process700, at step 702 of FIG. 7A, by logging in to his or her PayGeo useraccount, using any one or more security levels, as preset by the user inthe activation process that was explained earlier in connection withFIG. 3. The user may then, at step 704 of FIG. 7A, initialize theDEPOSIT application, as illustrated by the exemplary screen shots ofFIGS. 7B-7I, by selecting the DEPOSIT function 705 of the functionselection screen 377 (FIG. 3J).

At step 706, the DEPOSIT function 705 provides the user with a means ofmaking various deposits of funds or commodities to the benefit of thirdparties, himself, or a financial institution, using the mobiletransaction platform 200 of FIGS. 1 and 2. At step 708, the user selectsand uploads the desired DEPOSIT application of interest. As an example,if the user selects to deposit or replenish his/her PayGeo account (or athird party's account) either manually or by scanning a check 620,he/she can do so as described earlier in connection with the “SCAN EnterCheck Info” application 611 of FIG. 6B, as shown by the screen shot 711of FIG. 7B. The user can use his/her checking account as a defaultpayment method 730 to make subsequent transfers, such as wire transfers(FIG. 7C).

Once the user's deposit in his/her PayGeo account dropped below apredetermined minimum balance, such as $50, the user is able toreplenish his/her account by entering a different user account 731 at athird party financial institution, such as a bank, and by specifying theamount of deposit/transfer 732 (FIG. 7D).

Similarly, if the user selects to deposit or replenish his/her PayGeoaccount (or a third party's account) either manually or by scanning acheck 620, he/she can do so as described earlier in connection with the“SCAN Enter Bank Account” application 612 of FIG. 6B, as shown by thescreen shot 712 of FIG. 7E.

If the user selects to deposit or replenish his/her PayGeo account (or athird party's account) either manually or by scanning a credit card 625,he/she can do so as described earlier in connection with the “SCAN EnterCredit Card” application 613 of FIG. 6B, as shown by the screen shot 713of FIG. 7F.

If the user selects to deposit or replenish his/her PayGeo account (or athird party's account) either manually or by scanning a prepaid PayGeoCard 626, he/she can do so as described earlier in connection with the“SCAN Prepaid PayGeo Card” application 614 of FIG. 6B, as shown by thescreen shot 714 of FIG. 7G.

If the user selects to deposit or replenish his/her PayGeo account (or athird party's account) either manually or by scanning a promotionalcoupon (physical or digital) 627, he/she can do so as described earlierin connection with the “SCAN eCoupon” application 615 of FIG. 6B, asshown by the screen shot 715 of FIG. 7H.

FIG. 7I illustrates a transfer from the user to a payee, John Doe 2, whomay or may not be a PayGeo user, using a social network 733, such asFacebook, Twitter, eBay, myspace.com, or a similar network.Alternatively, the user may make a direct transfer or deposit to thepayee, using the payee's contact information such as a telephone number735, from the user's address book.

FIG. 8 comprises FIGS. 8A-8E, and represents a flowchart 800 andassociated exemplary screen shots (FIGS. 8B-8E), that illustrate aLEND/BORROW function 805 for enabling the user mobile device 105 to lendfunds to other users or financial institutions, or to borrow funds fromother users or financial institutions, using the mobile transactionplatform of FIGS. 1 and 2.

The user of the mobile station or device 105 starts the process 800, atstep 802 of FIG. 8A, by logging in to his or her PayGeo user account,using any one or more security levels, as preset by the user in theactivation process that was explained earlier in connection with FIG. 3.The user may then, at step 804 of FIG. 8A, initialize the LEND/BORROWapplication, as illustrated by screen shot 810 of FIG. 8B, by selectingthe LEND/BORROW function 805 of the function selection screen 377 (FIG.3J).

At step 806, when the user selects the LEND/BORROW function 805, themobile user device 105 automatically uploads a screen that allows theuser to select the desired action, either to lend funds, or the LENDapplication 810 (FIG. 8B), or the BORROW application 850 (FIG. 8E). TheLEND application 810 provides the user with the detailed financialinformation (or terms) for lending funds or commodities to anotherPayGeo registered member, a non-member, or to an institution, while TheBORROW application 850 provides the user with generally similar detailedfinancial terms for borrowing funds or commodities from another PayGeoregistered member, a non-member, or to an institution.

At step 808 of FIG. 8A, the user (or the lender) completes the loanterms and sends them to the borrower using the user mobile station 105.The user (or the lender) then awaits the borrower's acceptance of theloan terms (or counter-offer).

The LEND application 810 (FIG. 8B) enables a PayGeo user to lend fundsor commodities from one or more accounts or sources 811, such as theuser's credit card, bank account, PayGeo account, or any other suitableor available account, to a borrower. The borrower may or may not be aPayGeo member. The user enters the desired financial information, suchas the loan amount (i.e., $100) and the borrower's name, i.e., John Doe,and the user mobile station 105 retrieves other financial data relatedto this specific borrower from either the user mobile station 105 or themobile transaction platform 200 (as a service provided by the mobiletransaction platform 200, referred to herein as PayGeo or PayGeoservice). The user mobile station 105 may propose reasonable lendingterms to the user, giving the user the opportunity to revise the terms,as appropriate under the circumstances. The loan terms include, forinstance, the payback date, i.e., 2 months, the interest rate, themonthly payment (including automatic withdrawal from the borrower'saccount), and the payment method, i.e., from a PayGeo account or from adifferent account belonging to the borrower.

The proposed payment method is further illustrated in FIG. 8C, as screenshot 815. In this particular example, the interest rate is set to 0%with the understanding that a different rate can also be selected. Themonthly payment is calculated by the user mobile station 105 or thePayGeo service and the user/lender can either dictate the terms of theautomatic payment, such as by credit card, bank account, PayGeo account,etc. 820, or he/she might allow the borrower to decide on the method ofpayment.

At step 810, the borrower reviews the lender's terms that are displayedon the borrower's user mobile station 105 or computer as screen shot 817(FIG. 8D), awaiting the borrower's acceptance, rejection, orcounter-offer. Communication between the lender and the borrowercontinues until such time as the terms are acceptable to both parties,and the borrower accepts the loan terms. The borrower's user mobilestation 105 (or PayGeo application that is downloaded to the borrower'scomputer), captures the lender's and borrower's signatures, andfinalizes the loan agreement with the terms that have been agreed upon.The loan agreement becomes a legal document and is stored by the PayGeoservice. PayGeo may also set the automatic payment of the loan, asagreed upon, using the parties' signatures and other securityinformation that is securely stored by the PayGeo service. In addition,the PayGeo service may trigger the automatic payment upon maturity andtransfer the payment from the borrower to the lender pursuant to theloan agreement. Upon default, the PayGeo service may notify the partiesin order to take corrective action.

The BORROW application 850 (FIG. 8E) operates in a similar but reverseway as the LEND application 810 (FIG. 8B).

FIG. 9 comprises FIGS. 9A-9C and represents a flowchart 900 andassociated exemplary screen shots (FIGS. 9B-9C), that illustrate a CHECKfunction 905 for enabling the user mobile device 105 to write a check toother users, non-PayGeo members, or to financial institutions, using themobile transaction platform 200 of FIGS. 1 and 2

The user of the mobile station or device 105 starts the process 900, atstep 902 of FIG. 9A, by logging in to his or her PayGeo user account,using any one or more security levels, as preset by the user in theactivation process that was explained earlier in connection with FIG. 3.The user may then, at step 904 of FIG. 9A, initialize the WRITE A CHECKapplication, as illustrated by screen shot 910 of FIG. 9B, by selectingthe WRITE A CHECK function 905 of the function selection screen 377(FIG. 3J).

At step 906, the user enters or retrieves the desired information towrite a check 620, such as the payee's name (and possibly the payee'saddress and additional identification), the number, date and amount ofthe check 620 (FIG. 9C), and the memo information identifying thepurpose of the payment. The user then either prints the check 620 andmails it to the recipient, or electronically sends the check to therecipient with a digital signature that could be authenticated by thePayGeo Service.

While four exemplary organizers 440, 450, 460, and 470, have beendescribed earlier in connection with the PAY function 405 (FIGS. 4D, 4E,4F, and 4G, respectively), the user mobile station 105 or the mobiletransaction platform 200 can also provide additional organizationfunctions to provide financial organization and support to the user.FIG. 10 comprises FIGS. 10A-10D and represents exemplary screen shots1001, 1002, 1003, 1004 that illustrate an ORGANIZE function for enablingthe user to organize his/her financial sheets or statements and to filehis/her tax returns, using the mobile transaction platform 200 of FIGS.1 and 2.

The organizer 1001 of FIG. 10A enables the user to use the user mobilestation 105 as a financial hub. The user starts by logging in andsetting up his/her username and password, and by inputting, eithermanually, by swiping the magnetic cards (including credit cards,insurance cards, driver's license, etc.) as described herein, or bysynchronizing the user station with the user's account on PayGeo'sserver, or the user's computer. As a result, when the user wishes to usethe information in other applications, including but not limited tothose illustrated in FIG. 3J, the user mobile station 105 automaticallyretrieves the information entered in the financial hub or organizer1001. As an example, if the user gets in a car accident, the user mobilestation 105 automatically retrieves the information related to theuser's identification, driver license, and car insurance and connects tothe mobile transaction platform 200, which in turn, generates a reportto the insurance company and starts a step-by-step protocol to guide theuser through the accident reporting process.

By turning the user mobile station 105 into a financial hub for theuser, the financial organizer 1002 further provides the user with theability to organize and prepare tax forms and returns in variouscountries, as illustrated in FIG. 10B. The user selects the country ofinterest and the user mobile station 105 submits the user's request tothe mobile transaction platform 200. In turn, the mobile transactionplatform 200 contacts corresponding companies (that might be contractedwith the PayGeo service), governmental entities or websites, to retrievethe desired tax forms.

Once the tax forms are downloaded to the user mobile station 105 (or theuser's computer), the user mobile station 105 retrieves the relatedfinancial information that have been entered in various organizers, andprepares the tax forms, either in full or in part. Should additionalinformation be required, the user mobile station 105 notifies the userto complete the tax forms. Once the tax forms are completed, the userinstructs the user mobile station 105 to file the tax forms with thecorresponding tax authorities, with a directional swipe of a finger,using the Swipay feature 456, as described earlier.

The organizer 1003 of FIG. 10C enables the user, such as the head of afamily, to set allowances for, or transfer coupons to each member ofhis/her family individually, with a single swipe of a finger, using theSwipmail feature 456, as described earlier. In this illustration, theswiping action sends the information regarding the coupons or allowanceto family member 1, allowing member 1 to receive the transfer and todispose of it as member 1 sees fit. For instance, member 1 may depositthe transfer in his/her PayGeo account, as described herein.

In addition to the transfer of allowances or coupons to the familymembers as described in connection with FIG. 10C, the user is also ableto transfer the points he/she accumulated by using the PayGeo service,using the point organizer 1004 of FIG. 10D (possible with the Swipmailfunction 456). These minute points (MPS), adding the total time that theapplication is used or turned ON, credit card promotional points (CCP)that are accumulated outside PayGeo can be used as alternative to cash.

The present system provides numerous commercial advantages, some ofwhich are listed herein. The present system provides a platform thatenables members to transfer, receive, or otherwise exchange cash invarious international denominations and commodities, such as preciousmetals (e.g., gold, silver, etc.), in a mobile highly securedtelecommunications environment using DNA verification method.

The present system is capable of delivering cash instantly between twoor more users by allowing the exchange of secure transactions betweensystem and cash dispensing machines (ATMs).

The present system may be a banking institution or an entity holdingescrow type accounts at various institutions. The users are allowed tobecome members by depositing money into the system by means of scanning,manual entry, credit cards, accumulated bonus points, promotional codes,direct ATM cash deposits, or from existing users' bank or institutions'accounts.

The present system is expected to replace paper cash and coins.

The present system will be used by various banking and financialinstitutions. Users' deposits may be kept in a “master” account orindividual accounts at banks, private companies, public, or governmentinstitutions. The users may pay, receive, exchange, deposit, transfer,pay bills, exchange currency, retrieve cash, deposit cash and createaccounts based on the mobile phone number or a system generated number(or code).

The present system is capable of tracking transaction amounts andprompting users to replenish accounts when transactions have exceededthe minimum allowed balance.

The users and vendors can download applications on their respectivemobile application platforms or directly from a server or cloud.

The present system is capable of generating codes that are readable bydifferent scanner types and allow scanners compatibility with mobiledevices and environment.

The present system can charge users a certain fee that is based on: pertransaction, transaction amount, additional service requested, commoditystorage, commodity cash exchange fee.

The present system is capable of saving rebate or discount coupons andreceipts, while keeping track of points that accumulate for future useor redemption.

It is to be understood that the specific embodiments of the inventionthat have been described are merely illustrative of certain applicationof the principle of the present invention. Numerous modifications may bemade to the present system and method described herein without departingfrom the spirit and scope of the present invention. Moreover, while thepresent invention is described for illustration purpose in relation tothe Internet or online communications, it should also be clear that theinvention is applicable as well to transfers shared electronically overany type of electronic or wireless network. It should also be clear thatthe present invention, including the applicable software application,could be integrated with available devices or systems, such as, forexample only, Apple Computer, Inc.'s iPhones, iPods, and iPads.

1. A financial service method that provides a cashless platform forenabling users to perform a financial transaction in a mobileenvironment, wherein the financial transaction includes at least atransfer of a digital currency, the method comprising: enteringfinancial information related to the financial transaction on a firstuser mobile station; the first user mobile station generating a codecontaining the financial information on the first user mobile station,wherein the code identifies a type of the financial transaction as thetransfer of the digital currency; the first user mobile station directlytransferring the generated code to a second user mobile station; thefirst user mobile station further transmitting the generated code to amobile transaction platform to authenticate the executability of thetransfer of the digital currency; the second user mobile station and themobile transaction platform automatically recognizing the generatedcode; based on the recognized generated code, the second user mobilestation determines whether to accept or decline the financialtransaction; wherein when the financial transaction is accepted by thesecond mobile user station, the mobile transaction platform executingthe financial transaction, including the transfer of the digitalcurrency; wherein when the financial transaction is declined by thesecond user mobile station, the mobile transaction platform preventingthe execution of the financial transaction, including the transfer ofthe digital currency; and the mobile transaction platform notifying thefirst user mobile station whether the financial transaction was eitheraccepted or declined by the second user mobile station.
 2. The financialservice method according to claim 1, wherein the mobile transactionplatform executes the financial transaction by transferring the digitalcurrency from the first user mobile station to the second user mobilestation.
 3. The financial service method according to claim 1, whereinthe mobile transaction platform executes the financial transaction bytransferring the digital currency from the second user mobile station tothe first user mobile station.
 4. The financial service method accordingto claim 1, wherein the financial transaction includes an exchange ofdigital currencies; and wherein the mobile transaction platform executesthe financial transaction by exchanging the digital currencies betweenthe first user mobile station and the second user mobile station.
 5. Thefinancial service method according to claim 1, wherein the mobiletransaction platform generates a digital currency that is backed bysecured assets.
 6. The financial service method according to claim 1,wherein the secured assets include commodities.
 7. The financial servicemethod according to claim 5, wherein the mobile transaction platformgenerates a private label for the generated digital currency.
 8. Thefinancial service method according to claim 5, wherein the generateddigital currency is amenable for use in commerce.
 9. The financialservice method according to claim 5, wherein the mobile transactionplatform authenticates the executability of the transfer of the digitalcurrency by allowing a third party institution to authenticate thelegitimacy of the digital currency transfer, in order to generateconfidence in the generated digital currency.
 10. The financial servicemethod according to claim 4, wherein the mobile transaction platformexecutes the financial transaction by further assigning values to theexchanged digital currencies.
 11. The financial service method accordingto claim 1, wherein the first user mobile station is in directcommunication proximity to the second user mobile station.
 12. Thefinancial service method according to claim 11, wherein the first usermobile station is in direct physical proximity to the second user mobilestation.
 13. A financial service exchange platform that provides acashless exchange of digital currencies between users as part of afinancial transaction, the platform comprising: a module for enteringfinancial information related to the financial transaction on a firstuser mobile station; a module on the first user mobile station forgenerating a code related to the exchange of the digital currencies; amodule on the first user mobile station for directly transferring thegenerated code to a second user mobile station and to a mobiletransaction platform; a module on the mobile transaction platform forreceiving the code and based on the received code, authenticating theexecutability of the financial transaction, assigning values to thedigital currencies being exchanged, and generating an updated code thatreflects the executability of the financial transaction and the assignedvalues of the digital currencies; a module on the second user mobilestation for automatically recognizing the updated code, and based on therecognized updated code, determining whether to accept or decline thefinancial transaction; wherein when the financial transaction isaccepted by the second mobile user station, a module on the mobiletransaction platform executing the exchange of the digital currencies;and wherein when the financial transaction is declined by the seconduser mobile station, a module on the mobile transaction platformpreventing the execution of the exchange of the digital currencies. 14.The financial service exchange platform according to claim 12, whereinthe first user mobile station is in direct communication proximity tothe second user mobile station.
 15. A financial service method thatprovides a cashless platform for enabling users to perform a directfinancial transaction in a mobile environment, the method comprising: afirst user mobile station accepting input financial information relatedto the financial transaction; the first user mobile station proximallytransferring selected financial information to a targeted second usermobile station; the first user mobile station further automaticallytransmitting the financial information to a mobile transaction platformfor authenticating the executability of the financial transaction; ifappropriate, the mobile transaction platform authenticating thetransaction code, generating a corresponding digital authenticationcode, and concurrently transmitting the digital authentication code tothe first user mobile station and to the second user mobile station, toconfirm the authentication of the financial transaction; the receipt ofthe digital authentication code by the second user mobile stationempowering the second user station to determine whether to accept orreject the financial transaction; upon acceptance of the financialtransaction by the second user mobile station, the mobile transactionplatform generating a digital transaction code, and transmitting thedigital transaction code concurrently to the first user mobile stationand to the second user mobile station, confirming the execution of thefinancial transaction; and wherein the digital transaction code isstored on the second user mobile station for effecting one or moresubsequent financial transaction.
 16. The financial service methodaccording to claim 15, wherein any of the first and second user mobilestation has the ability to cancel the execution of the financialtransaction prior to acceptance by the second user mobile station.